Hello everyone,
When I was in nursing school I was considering continuing to medical school. I have always had a deep internal desire to “win.” Then I found MMM who told me I could win by achieving FI. I decided instead of medical school (I would of finished residency at 32 YO at the earliest) I was going to maximize my income as a RN, save as much as possible and hopefully achieve FI by 32yo. I am now married and we are DINK’s. I started using mint a month ago and am appalled at what I found. 3700$/month of expenses. I didn’t realize we were spending over 40k/year. Around 15k of this is annual rent so we are living on around 30k/ year. I realized spending is only going to go up with time. We will eventually buy a primary residence and have children. With annual expenses currently at around 45k, I expect future costs to be at least 60kish when counting a mortgage and child-care costs and that is before healthcare. My current thinking is it would be more beneficial for us to coast to FI with a fairly relaxed work life balance then to go full steam ahead to hit 1.5-2m in net worth.
The new plan is to hopefully save 72k/year of our 140-150k gross income for the next 2-3 years then down shift as we start having children. We hope to have 500-600k in net worth at age 29-30. I will cut back on my hours likely making around 50k inflation adjusted and my wife will likely do odd jobs (she enjoys teaching children dance, makes 20$/hour but no way to predict how many hours she will work. We will then coast until either our investments grow large enough for us to be FI or I get a pension at age 50 pushing us to FI.
Current net worth is 270k. Tell me what you all think.
